Nothing new under the sun

The study by the OCC entitled BANK FAILURE, An Evaluation of the Factors Contributing to the Failure of National Banks   is a twenty page document that is easy reading with a section called, “Why Banks Develop Problems“, and one called, “Why Some Banks Recover While Some Banks Fail“, and another called, “Why Some Banks Stay Healthy“, and the “Conclusion“, a two page summary which is supported by successful bankers.

It appears the OCC must have used Citizens as the model when composing this study because it is uncanny how it pegs the problems of Citizens Bank, from an outsider’s point of view anyway, almost to a T. The study actually seems to be confirming what we have been saying all along.

Then I  looked at the publication date and of course, that isn’t possible. 

As Yogi Berra said, “This is like deja vu all over again.”

3 comments on “Nothing new under the sun

  1. I wonder if and to what degree the Citizens directors and management, present and past, have read this OCC study? Can they now see themselves in the report? Probably not.

    • Ditto. It is clearly the same strategy Sorcic and his board pursued and with the same results. What a surprise.

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